ADNOC Gas announced today that it posted a net income of $1.27 billion and EBITDA of $2.16 billion during the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7 percent and 4 percent, respectively.
This performance was driven by continued demand for domestic gas as a result of strong economic growth in the UAE, which lifted the total sales volume. In addition, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the company’s plants were offline led to a rise in processed volumes.
“This has been another outstanding quarterly performance by ADNOC Gas, supported by our resilient business model in a lower oil price market, which significantly exceeded market expectations,” stated Fatema Al Nuaimi, CEO of ADNOC Gas.
Successful supply agreements drive growth
ADNOC Gas signed a series of mid to long-term LNG supply agreements valued at around $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan during Q1, reinforcing its role as a leading supplier of lower-carbon fuel. The agreements support the growth of the Company’s international customer base as well as the transformation of global energy systems.
“These results come on the back of successful supply agreements and the optimization of our ongoing shutdown program designed to power our continued growth. Looking ahead, we will use the strength of our balance sheet to invest through the cycle as we seek to realize EBITDA growth of over 40 percent between 2023 and 2029,” added Al Nuaimi.
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Company seeks inclusion in MSCI and FTSE indices
ADNOC Gas also reported a 1 percent annual increase in revenue to $6.1 billion and a 6 percent increase in free cash flow to $1.21 billion.
Furthermore, Q1 saw a year-on-year increase in CAPEX of 43 percent as ADNOC Gas continues to make the necessary investments through the cycle to grow the business and achieve its longer-term EBITDA targets. Project implementation remains on track, with the company expecting to take a Final Investment Decision on its Rich Gas Development project in 2025.
As a result of the recently completed marketed offering of 3.1 billion shares in ADNOC Gas in which the free float increased by 4 percent to 9 percent, the company is eligible for potential inclusion in the MSCI and FTSE indices as early as June and September, respectively.
